Question

which term is used to describe the situation in which peoples needs and wants are unlimited but the resources to produce the goods and services to meet them are limited?
a. opportunity cost
b. alternatives
c. scarcity
d. trade - off

Explanation:

Scarcity is the economic concept that describes the situation where human wants and needs are unlimited, while the resources available to satisfy them are limited. Opportunity cost refers to the value of the next - best alternative forgone. Alternatives are just different choices. A trade - off is the act of giving up one thing to get another.

Answer:

C. Scarcity